Creditors in western Nunavut who are still smarting over money owed to them by two bankrupt companies, Kitnuna Projects and Kitnuna Petroleum, could not learn much from a recent Kitikmeot Corp. update on the bankruptcies.
The two companies, which declared bankruptcy last November, together owed more than $10 million to a long list of creditors, including local businesses, when they closed.
The update on the bankruptcies was included in a report presented on Tuesday, Oct. 6, by KCs president David Omilgoitok and by John Stevenson, its chief operating officer, to the Kitikmeot Inuit Associations annual general meeting in Cambridge Bay.
As some delegates will recall from my report last year, we were having a serious look at restructuring t…
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